Airtel Africa has revived plans to list its mobile money business, Airtel Money, in a deal that could value the unit at about $10 billion. But this time, it is choosing to list in London, abandoning earlier plans to pursue a Middle Eastern listing.
Impact Newswire understands that the telecommunications company has already begun expanding its syndicate of investment banks to prepare for the initial public offering, with Citigroup continuing to lead the transaction. If completed in the second half of 2026, the IPO is expected to raise about $1.5 billion and would rank among London’s largest public listings in recent years.
Airtel Africa had initially targeted a listing by 2025 but postponed the offering because of unfavourable market conditions. The company also considered listing the business on a Middle Eastern exchange before opting for London, citing the city’s deep capital markets, international investor base and recent instability in the Gulf region.
The planned flotation comes as London seeks to revive its equity capital markets after several years of weak listing activity. The UK exchange has struggled to compete with New York for major technology and growth company listings, while a wave of takeovers has further reduced the number of publicly traded companies. Airtel Money’s IPO is expected to provide a significant boost to the market if it proceeds as planned.
Airtel Money has become one of Africa’s largest mobile financial services platforms, serving more than 54 million customers across 14 countries. The business generated revenue of about $1.35 billion in the latest financial year, driven by rising demand for digital payments, remittances, merchant services and mobile banking across the continent.
The IPO would also unlock value from one of Airtel Africa’s fastest-growing businesses. In recent years, the company has attracted strategic investments into Airtel Money from global investors, including Mastercard and private equity firm TPG, as it expanded its digital financial services across Africa. Those investments helped establish an independent valuation for the business ahead of a public listing.
Airtel Africa, which is already listed on the London Stock Exchange, has increasingly positioned Airtel Money as a key driver of future growth as mobile money adoption accelerates across African markets. The company has continued investing in expanding agent networks, improving digital payment infrastructure and broadening access to financial services for underserved communities.
If successful, the listing would represent one of the biggest IPOs involving an African financial technology business and reinforce investor interest in the continent’s fast-growing digital payments sector. It would also strengthen London’s position as a preferred destination for African companies seeking access to international capital while providing Airtel Africa with additional funding to support the continued expansion of its mobile money business.
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Emmanuel Abara Benson is a business journalist and editor covering artificial intelligence, global markets, and emerging technology.
He has previously worked with Business Insider Africa and Nairametrics, reporting on finance, startups, and innovation.
His work focuses on AI, digital economy, and global tech trends.
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